In a recent interview with Lex Fridman, Charles Hoskinson — founder of Cardano and co-founder of Ethereum — offered his views on Bitcoin (BTC). The 33-year-old was less than complimentary, calling it “slow” and in desperate need of an upgrade. Hoskinson also took issue with the recent Bitcoin 2021 conference in Miami, comparing the whole thing to a ridiculous religious movement.
“I can’t for the life of me understand, what the hell is the point of Bitcoin?” asked Hoskinson.
But while Bitcoin has proven itself an adaptable blockchain with a decade of history, many within the crypto industry have significant questions about the “point” of Hoskinson’s own project, Cardano.
A week before this interview aired, Vitalik Buterin sat down with Fridman for a lively discussion. The Russian-Canadian programmer was asked about Cardano and whether he thought Hoskinson’s project had a future. Buterin criticized Cardano’s reliance on the peer review system. Instead of focusing on academic proofs, Buterin favors a more heuristic approach. This was a sly dig — a super-geek mic drop.
For those unfamiliar with Cardano, the idea of peer review is very much a leitmotif of the budding proof-of-stake blockchain platform. This, we’re told, has investors excited. And it should, in an ideal world. Peer review is the principal metric by which scholarly legitimacy is measured. For progress, the evaluative process is invaluable.
With Cardano, it has been suggested that the term “peer review” is little more than a clever marketing ploy, an ingenious way of giving the proof-of-stake blockchain platform an air of superiority. Yet Hoskinson is a staunch advocate of peer review and is fiercely defensive of any criticisms that come its way. He appears to be fully invested in academic proofs. But is this a smart investment?
When one actually examines the state of today’s peer review system, the answer appears to be “No.” After all, the peer review system, we’re told, is genuinely “toxic.”
Last year, David Rosenthal, a highly respected British-American scientist, wrote a blog post titled “Breaking: Peer Review is Broken!” As Rosenthal argues, peer review has been in a ruinous state for “more than the last decade,” with cases of fraud occurring on a regular basis.
As Science magazine warned back in 2018, there has been a disturbing increase in the number of articles retracted, often due to fraud. Three years on, things don’t appear to be getting any better. If anything, they are getting worse.
Across the board, from math to social sciences, the peer review system continues to be plagued by biases and sectarianism.
John Baumgardner asked the following: “Are there circumstances in which the scientific method ought to work, but for which the method does not provide ‘an accurate representation of the world’ — that is, a correct description of the way things really are?” Unfortunately, Baurngardner concluded, “The answer is yes.” To paraphrase Freeman Dyson, science is more mystery than truth.
What the hell is the point of Cardano?
If Bitcoin is nothing but an overzealous religious movement, what is Cardano? Fridman put this question to Hoskinson, who then proceeded to speak for nine straight minutes outlining the ways in which Cardano gives “digital identity” to people in developing countries.
Others, however, see Hoskinon’s brainchild as something far less noble. According to Galaxy Digital CEO Mike Novogratz, Cardano is a “cult,” and a “weird” one at that. By default, this would make Hoskinson a cult leader.
Whatever the pros and cons of the technology that underpins the Cardano blockchain, and whatever Hoskinson’s loyal followers may see that’s worth investing in, the concern is that the cult of science is very real — and that an over-reliance on the peer review process could prove to be highly problematic.
The irony of Hoskinson’s argument is that while Satoshi Nakamoto may not have jumped through peer review hoops to promulgate his white paper, the market itself has already passed judgment on Bitcoin. If peer review is “the evaluation of work by one or more people with similar competencies as the producers of the work,” then Bitcoin has been reviewed positively for a decade by some of the most talented developers in the world.
Certainly, it has its critics. Certainly, it has its flaws. But exposure to the real world forged Bitcoin’s resilience. And whether Cardano will survive in the heat of real-world usage is still a matter for some debate. As tech historians love to remind us, Betamax technology was superior to VHS, too.
Cardano Price Predicted to Hit $15, While ADA Price Is Still Under Bearish Pressure
The overall cryptocurrency market traded with mixed results over the last 24 hours. The Flagship currency, Bitcoin breached its 60K mark. On the other hand, Ethereum managed to also regain its uptrend and show another bullrun. However, cardano Price Seems to be still dead !
ADA Price Action
The ADA/USD currency pair is presently trading at $2.1, down roughly 13% on the week after a strong increase of around recently. Given that the upside was rejected yesterday after a brief jump above $2.30, Cardano price research shows that this rejection will result in a negative trend.
For weeks, the price of Cardano has been in a downward trend. However, there was a higher low at the end of September, indicating that bullish momentum was growing.
Following that, the market rebounded upward on October 1st, driving ADA/USD to a new low of $2.30. This price activity implies that the market is trading in a tighter range now.
ADA consolidated after a fall to $2.15, when another higher low was made. A technical bullish signal was triggered by yesterday’s rise above the previous high of $2.30, signaling that market momentum has turned positive once more.
Cardano Price to hit $15-$20 by year-end?
The most parabolic action is at the end of the cycle. I do believe we can see #Cardano $ADA between $15 – 20 at the very end. I believe it is possible.#ADAGang what can I say? 🤷 pic.twitter.com/JWKjqanoUc— Ben Armstrong (@Bitboy_Crypto) October 9, 2021
Popular crypto Youtuber Ben Armstrong in his recent Youtube session discussed a bullish scenario for ADA. In a tweet that followed he says, he believes ADA will definitely hit the $15-20 range at the end of this bull cycle.
Ravendex, A Cardano-Based Project, Releases its DEX Demo, to start with Tokens Sales soon
Ravendex, a new Cardano project has made a demo version of its first decentralized exchange, having features like Swap Pools, Light & Dark Mode.
While the company continues to make rapid progress after the private token sale started, which has 100 million $RAVE tokens available for the investors, while 82 million $RAVE tokens are already said to be sold out.
Ravendex team is committed to launching a working DEX on the cardano ecosystem before the year ends.
The project will be launched and maintained using funds raised from the sale of $Rave tokens to early investors.
Features Of Ravendex
Ravendex will also have A Staking Platform and also a decentralized lending and borrowing platform, which sets it apart from other Cardano network projects as they are one of the very few projects on the third generation blockchain with the idea conception.
Investors & Liquidity providers can give liquidity to tokens and in return, they will make profit from transaction fees. Alternatively, users can stake their assets on the staking platform and earn a commission and percentage from borrowers’ fees.
According to the Ravendex team, their decentralized exchange will include wallet connect features, Asset Price display and transaction list features.
They will also keep their payment fees low and secure. As a matter of fact, Ravendex aspires to be the Cardano network’s primary financial hub.
Ravendex reveals that the total number of $RAVE coins will be limited to one billion.
Investors will be able to stake, provide liquidity, or vote with their tokens on the Cardano network.
The Private Sale Phase is almost filled as the company has already reached 82 percent of its goal of selling 100 million tokens by the end of its first private sale and the pricing places it at 0.00225 ADA per $RAVE token.
The Cardano-based project, on the other hand, intends to hold a total of five sales which can be seen in the sale stages page.
Ravendex, like many other cryptocurrency projects, plans to open its sale to the general public later this year.
200,000,000 $RAVE tokens will be available in the pre-sale phase at a price a little more expensive than the private sale at 0.0027 ADA per coin.
Those who missed out on the first public sale will have another opportunity to purchase $RAVE tokens for 0.0032 ADA each. A total of 100 million tokens will be sold during this stage.
This Medium link provides more information about the Ravendex
Ravendex is a Cardano-based crypto project that aims to create a decentralized exchange.
Its purpose is to provide a platform that has incredibly minimal fees and allows for quick cross-border transactions.
More importantly, it aspires to include features that will be useful to Cardano supporters. Also, we also look forward to creating a community of active investors who may vote on issues. They can also lend coins or provide liquidity to create a fully functional decentralized exchange.
Cardano Price Prediction: ADA ready to explode to $4
- Cardano price returns to bullish conditions, denying further sell-side control
- An imminent breakout towards new all-time highs is likely.
- Little resistance ahead, but bulls should remain wary.
Cardano price has failed to capitalize on the movement generated by its closest peers, Bitcoin and Ethereum. As a result, very tight and challenging trading ranges have been the norm for Cardano, but that may change here soon.
Cardano price targets a breakout above $2.45
Cardano price has a very bullish set up on its $0.05/3-box reversal Point and Figure chart. If a new column of Xs forms and hits the $2.45 entry, three things happen simultaneously. First, a double-top is broken, confirming an entry signal. Second, the entry confirms a complete Bear Trap Point and Figure pattern. Finally, the entry at $2.45 is a breakout above the dominant bear market angle.
The breakout could be the very beginning of a new bullish expansion phase for Cardano price. The initial target on the breakout is based on the horizontal profit target method in Point and Figure analysis. $4.05 is the initial range and would be a new all-time high.
However, the current trading conditions still have a significant bearish weight. Therefore, Cardano price must remain above the $2.05 value area. If it fails to hold $2.05 as support, a return to the $1.80 trading range is likely.
ADA/USD $0.05/3-box Point and Figure Chart
Bulls should also be aware of some resistance on any breakout near the prior swing high and high volume node at $2.80. While the momentum of the breakout may make any near-term resistance moot, $2.80 has been a consistent source of trouble for Cardano, and it would certainly be odd for it not to provide some resistance in the future.